Estate Planning Strategies: Wills vs Living Trusts

When it comes to estate planning, there are two main options to consider: wills and living trusts. Both can help ensure that your assets are distributed according to your wishes after you pass away, but they have some key differences. In this article, we'll explore the pros and cons of each option to help you decide which one is right for you.

Wills: A will is a legal document that outlines how you want your assets to be distributed after you pass away. It's a simple and affordable option, but it also has some limitations. For example, a will only becomes effective after you pass away, which means that your assets may be subject to probate. Probate is a court-supervised process that can take several months or even years to complete, and it can be expensive and time-consuming.

Living Trusts: A living trust is a legal document that allows you to transfer ownership of your assets to a trust while you're still alive. This can help avoid probate and ensure that your assets are distributed according to your wishes. Living trusts also offer more flexibility and control than wills, as you can make changes to the trust at any time.

So, which option is right for you? It depends on your individual circumstances and goals. If you're looking for a simple and affordable option, a will may be the way to go. However, if you're looking for more control and flexibility, a living trust may be the better choice. Either way, it's important to consult with an estate planning attorney to ensure that your wishes are properly documented and carried out.